Tilray Brands Files 2024 10-K: Assets $1.198B, Liabilities $980M

TL;DR

Tilray's FY24 10-K is in: $1.198B assets, $980M liabilities. Cannabis sector still volatile.

AI Summary

Tilray Brands, Inc. filed its 10-K for the fiscal year ending May 31, 2024, reporting total assets of $1.198 billion and total liabilities of $980 million. The company's filing indicates a significant focus on its medicinal chemicals and botanical products segment. Key financial figures and operational details for the fiscal year are outlined in the report.

Why It Matters

This 10-K filing provides a comprehensive overview of Tilray Brands' financial health and operational performance for the fiscal year 2024, crucial for investors and stakeholders to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The cannabis industry is subject to significant regulatory and market volatility, which can impact Tilray Brands' financial performance and stock price.

Key Numbers

• $1.198B — Total Assets (As of the fiscal year end May 31, 2024)
• $980M — Total Liabilities (As of the fiscal year end May 31, 2024)
• 831,925,373 — Revenue (Reported for the fiscal year ending May 31, 2024)
• 656,655,455 — Net Income (Reported for the fiscal year ending May 31, 2024)

Key Players & Entities

• Tilray Brands, Inc. (company) — Filer of the 10-K report
• 20240531 (date) — Fiscal year end date for the report
• $1,198,000,000 (dollar_amount) — Total assets reported
• $980,000,000 (dollar_amount) — Total liabilities reported
• MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833] (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share TLRY The Nasdaq

Filing Documents

• tlry20240531c_10k.htm (10-K) — 4168KB
• ex_657923.htm (EX-4.3) — 28KB
• ex_700089.htm (EX-10.32) — 14KB
• ex_700090.htm (EX-19) — 35KB
• ex_657924.htm (EX-21.1) — 44KB
• ex_657925.htm (EX-23.1) — 3KB
• ex_657926.htm (EX-31.1) — 13KB
• ex_657927.htm (EX-31.2) — 13KB
• ex_657928.htm (EX-32.1) — 6KB
• ex_700091.htm (EX-97.1) — 13KB
• stockperformanceg.jpg (GRAPHIC) — 27KB
• 0001437749-24-023774.txt ( ) — 19298KB
• tlry-20240531.xsd (EX-101.SCH) — 161KB
• tlry-20240531_cal.xml (EX-101.CAL) — 121KB
• tlry-20240531_def.xml (EX-101.DEF) — 1131KB
• tlry-20240531_lab.xml (EX-101.LAB) — 872KB
• tlry-20240531_pre.xml (EX-101.PRE) — 1202KB
• tlry20240531c_10k_htm.xml (XML) — 3447KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 42 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 126 Item 9A.

Controls and Procedures

Controls and Procedures 126 Item 9B. Other Information 127 Item 9C. Other Information 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accounting Fees and Services 128 PART IV Item 15. Exhibits, Financial Statement Schedules 129 Item 16. Form 10-K Summary 133 In this Annual Report on Form 10-K, "we," "our," "us," "Tilray," and the "Company" refer to Tilray Brands, Inc. and, where appropriate, its consolidated subsidiaries. This report contains references to our trademarks and trade names and to trademarks and trade names belonging to other entities. Solely for convenience, trademarks and trade names referred to in this report may appear without the or symbols, but such references are not intended to indicate, in any way, that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend our use or display of other companies' trademarks or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. 1 PART I Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K for the fiscal year ended May 31, 2024 (the " Form 10-K " ) contains forward-looking statements under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the "safe harbor" created by those sections and other applicable laws. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements under the Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange A

Business

Item 1. Business. Our Company Tilray Brands, Inc., a Delaware corporation (collectively, along with its subsidiaries, the "Company", "Tilray", "we", "us" and "our") is a leading global lifestyle consumer products company, which was incorporated on January 24, 2018 and is headquartered in Leamington and New York, with operations in Canada, the United States, Europe, Australia, New Zealand and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray's mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy, wellness and create memorable experiences. In January 2022, we changed our name from Tilray, Inc. to Tilray Brands, Inc, in order to emphasize our high-quality consumer-connected house of brands including SweetWater Brewing, Montauk Brewing, Shock Top, 10 Barrell, Breckenridge Brewery, Blue Point Brewing, Breckenridge Distillery, Broken Coast, Good Supply, Redecan, Solei, Tilray, XMG and Manitoba Harvest. In the U.S., we are the 5 th largest craft brewer. In Canada, we have the leading #1 market share in adult-use cannabis. Outside of North America, we supply high-quality consumer products in over 20 countries spanning five continents through our global subsidiaries, and through agreements with established distributors. Our Manitoba Harvest business is a leader in the hemp-based food category. Our core values drive our performance and guide our pursuits: Creativity: We find solutions to challenges by exploring all options, and by leveraging the collective ingenuity of our teams, internal fortitude, and by putting the consumers' needs first. We continually set the bar higher for ourselves by encouraging and embracing innovative thinking, crafting an environment where new ideas are valued, and growth opportunities and continuous improvement are cultivated. Respect: We treat everyone

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View this 10-K filing on SEC EDGAR